Lear's Q3 earns rise, top expectations

NEW YORK (CBS.MW) -- Lear
LEA, -0.40%
reported third-quarter net income of $76.1 million, or $1.10 a share, up from 91 cents a share in the year-earlier period, and above the average analyst estimate compiled by Reuters Research of $1.03, as the expected recognition of implementation costs for productivity and facility actions were pushed back to the fourth quarter. Net sales rose 5 percent to $3.5 billion, above analyst forecasts of $3.43 billion. The auto components maker said favorable foreign currency translation was mostly offset by lower vehicle production in North America and Western Europe. Looking ahead, the company expects earnings of $5.40 to $5.50 on sales of $15.5 billion to $14.4 billion for the full year, vs. expectations of $5.46 and $15.26 billion, respectively. The stock closed Thursday up 65 cents at $63.12.

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